Is there anything that prevents a character from using the free resize-function of the Enchant Magic Item ritual to store an infinite amount of magic items in his backpack by making them exceptionally small?
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As written, that only seems to work for magic armor (emphasis mine):
So while it could be abused, it's not as bad as it looks.
I doubt it for the following reason.
Bags of holding and handy haversacks are incredibly common in the D&D 4e world. They allow you to hold a very large amount of items and it only weigh a pound.
If you can abstract something one way why not abstract it another way.
Both of these methods are to prevent unnecessary book keeping.
However, I have a feeling that the method suggested in this question could be an interesting opportunity for the DM.